A water-skiing instructor who jumped into a runaway speedboat and saved the lives of three children and their mother has spoken about the horror incident for the first time.

Charlie Toogood, 32, leapt from his own boat into the craft to turn off its engine and prevent further harm during the tragedy near Padstow, Cornwall, on Sunday.

Nick Milligan, 51, the managing director of Sky's advertising sales division, Sky Media, was declared dead at the scene in Padstow with his daughter, Emily.

His wife, Victoria, 39, and the couple's other children Amber, 12, Olivia, 10 and Kit, four, were also injured by the speedboat as it circled at high speed.

The family, from Wandsworth, south-west London, were on holiday in the coastal town when they were thrown from the boat after it went "out of control" and struck them.

Toogood, who volunteered with the RNLI at Rock lifeboat station for eight years until 2011 said: "There were many 'heroes' in this tragic incident all of whom did a remarkable job in difficult circumstances.

"However, now is a time solely to reflect on the bereaved and injured family members and their wider family and friends. My thoughts are with all of them and will be for a long time to come.

"I have nothing more to add to this and would hope that our community can now be left to deal with this tragedy in our own way and in peace and quiet."

Milligan, described as an "extremely loving father, husband, son and brother, who doted on his family" by his brother, Max, had been in Cornwall with his wife and children for the bank holiday weekend.

The accident happened in the Camel Estuary near Padstow shortly before 4pm.

People enjoying the sunshine in the popular harbour area watched the incident unfold just half a mile offshore. 999 operators received their first call at 3.48pm, with more calls following seconds later.

A major search and rescue operation was launched involving RNLI lifeboats, RAF helicopters and coastguard rescue teams before the casualties were airlifted to Derriford Hospital in Plymouth.

Mrs Milligan and her son Kit, four, are in hospital with "serious, potentially life-changing injuries", while Amber and Olivia suffered minor injuries.

Speaking after the tragedy, Detective Superintendent Jim Colwell paid tribute to the "brave" people who rushed to the aid of the family in the water. He said: "Without the brave and valiant efforts of local people and holidaymakers in the minutes immediately after this incident in assisting the family while they were in the water… I am confident this incident would have been far worse in terms of overall death toll."

Toogood, who runs Camel Ski School in Rock during the summer, was also praised by Matt Pavitt of North Cornwall Coastguard. "Purely and simply I think he realised the severity of the situation," he said.

The British-built Cobra Rib, which was owned by the family and can reach speeds of up to 50mph, has been taken away for investigation.

At a press conference on Monday, Det Supt Colwell said the presence of a "kill cord" - a safety device to ensure a boat's engine is cut if the person in control goes overboard - would form a "key focus" of the investigation into the accident.

Devon and Cornwall police are investigating the incident with the Marine Accident Investigation Branch (MAIB).

In a statement, Sky said: "Everyone at Sky is deeply shocked and saddened to learn of the tragic accident involving the Milligan family. Nick has been a great friend and colleague for many years and his loss will be felt across our company and the industry. Our very deepest sympathies are with his family at this time."